Balancing C-Suite Priorities in a Fast-Changing Financial Landscape

The priorities of C-Suite professionals are continuously changing. Time is the scarcest resource that executives have, so how can they strike a balance between driving digital transformation, maintaining stability, and meeting market demands? 

If we look at the “typical” CEO as an example, research conducted by Harvard Business Review showed that on average, CEOs work around 62.5 hours a week. The same study indicated that CEOs often sacrifice a day of their weekend to accommodate, and will also work during their time off.

However, these statistics aren’t surprising. Even in the most well-oiled, staffed, and organised businesses, you’ll see that the C-Suite naturally work to a more demanding schedule due to the amount of responsibility taken on. 

The question isn’t necessarily how CEOs time manage - because you’d hope that at such a senior level, you’d be equipped with the right resources and team members to organise time management. The real question is how can you decipher which area of your C-Suite looks after certain parts of the organisation; there isn’t a one-size-fits-all approach to this.

To assume that a CEO can drive transformation, and maintain a stable business, all whilst meeting market demands is borderline ludicrous. The key to balancing C-Suite priorities in a fast-changing financial landscape is prioritising two key things: Technology adoption and high-quality recruitment.

Hiring at C-Suite level

Recruitment is challenging at the best of times, let alone when you have to rework and staff your C-Suite. When hiring someone at C-Level, there are much larger risk factors at play. For example, company culture and team fit sit on the same level as technical skill - perhaps even surpassing this. 

When someone comes in at a senior level, their ability to influence magnifies, and finding the perfect concoction of personality, strategy, and breadth of experience can become a challenge.

Additionally, the time it takes to secure someone at C-level can take as long as 6 months from the point of offer, let alone the time it takes pre-interview to gauge their interest and assess their fit. Executive Search businesses often look at 12-16 week cycles for recruitment alone for permanent positions, and even then, there is no guarantee that you’ll be able to build a C-Suite team in that time. 

In a fast-changing financial landscape, your C-Suite hiring should be a continuous effort, instead of looking to hire as part of a crisis management strategy. 

Finally, don’t just look outside of your organisation for C-Suite talent. What are you doing from a succession planning perspective? Who internally would be able to “step up” for the role? Or, if you decide to take the role externally, can you entrust someone at the Interim level to step in while you find someone on a more permanent basis? There are a lot of options out there - and to keep up with market demands, you have to adopt an agile approach to your recruitment strategy, especially at C-Level.

Technology adoption

We’ve spoken extensively at OV about Digital Transformation: the pitfalls, the challenges, and how businesses can adapt and become more open to transformation. Driving digital transformation takes a lot of time, money, and resources - but it is the key to keeping up with market demands and being able to ride out difficult times. 

This may raise the question “How is technology adoption going to help through a challenging financial landscape?” and the simple answer is: it’s going to save you time. Time equals money, and having a digitally savvy business will enable you to have a leaner workforce, who are all upskilled and equipped with the tools they need to be successful at an individual level as well as a company level.

In conclusion

Balancing C-Suite priorities in a fast-changing financial landscape isn’t a job for one person, it’s a whole company effort. An equal blend of high-quality recruitment and modern technology adoption could be the “magic recipe” for your organisation. Additionally, don’t rush to achieve vanity metrics in headcount or even financials. 

2023 has been a challenging year for many organisations, and rushing to claw back what may have been lost will do you more damage than good. Instead, assess what strategic moves you can make to ensure a more fruitful 2024.